Download

Lotte Card adopted a biometric-based authentication system service in its payment app jointly with Blocko Inc. Blocko Inc., a blockchain startup in Korea provided Coinstack, a blockchain-based development platform. Coinstack is provided in two types, Cloud and On-premise, and it offers private blockchain as well as bitcoin blockchain. (Graphic: Business Wire)

Lotte Card adopted a biometric-based authentication system service in its payment app jointly with Blocko Inc. Blocko Inc., a blockchain startup in Korea provided Coinstack, a blockchain-based development platform. Coinstack is provided in two types, Cloud and On-premise, and it offers private blockchain as well as bitcoin blockchain. (Graphic: Business Wire)

SEONGNAM, South Korea--(BUSINESS WIRE)--Lotte
Card, one of the biggest card companies in Korea, adopted a
biometric-based authentication system service in its payment app jointly
with Blocko
Inc., a blockchain startup. Financial organizations in Korea,
including banks, Korea Exchange and card companies, are actively
adopting blockchain technology, but this is the first case in Korea that
commercialized blockchain technology combined with biometric-based
authentication system.

As the provider of Coinstack,
a blockchain-based development platform, Blocko is a blockchain startup
that has the largest number of references in providing blockchain
technology in Korea, including Korea Exchange, JB Bank, KISA and
Paygate. Recognized for its excellent technology, Blocko raised a Series
A round funding of $1.3 million from Samsung Venture Investment
Corporation in July 2016.

“Korea is one of countries that are most actively adopting blockchain
technology. The blockchain technology is expected to be widely adopted
by Internet of Things (IoT) industry, healthcare industry and electronic
government segment as well as financial industry next year. Coinstack
will make significant contribution to applying enterprise level
blockchain technology to various industry segments,” said Won-Beom Kim,
Chief Executive Officer of Blocko Inc.

Coinstack
technology is constantly being upgraded to help developers easily
implement blockchain service. They recently developed Smart Contracts
engine, which is compatible with Smart Contract of Ethereum, and it is
provided in Lua and Java languages so that it can be easily adopted in
the IoT industry. In addition, it acquired the ‘Good Software
Certification’, an authoritative software certificate in Korea, the
first of its kind in blockchain software industry. Good Software
Certification is an official seal of approval for software quality in
Korea, based on international standards such as ISO/IEC 9126, 25041, and
25051. It is an unprecedented development for blockchain software
industry, paving a way into government and civil adoption of the
technology.

Coinstack
is provided in two types, Cloud and On-premise, and it offers private
blockchain as well as bitcoin blockchain. Coinstack SDKs and APIs of
Blocko are available on its website (https://www.blocko.io/)
for individual developers free of charge.